Financial Information: Annual Report 2004

	Consolidated Statements of Operations
	NSK Ltd. and Subsidiaries

			Millions of yen		Thousands of U.S. dollars (Note 2)
For the years ended March 31			2004	2003	2004
Net sales			¥522,217	¥522,820	$4,926,575
Cost of sales (Note 12)			409,900	420,104	3,866,981
Gross profit			112,317	102,715	1,059,594
Selling, general and administrative expenses (Note 12)			86,345	84,867	814,575
Operating income			25,972	17,847	245,019
Other income (expenses):
	Interest and dividend income		1,424	1,815	13,434
	Interest expense		(6,058)	(6,567)	(57,151)
	Loss on devaluation of investment securities		-	(12,899)	-
	Gain on sales of property, plant and equipment		-	881	-
	Costs related to business restructuring		-	(15,030)	-
	Equity in earnings of affiliated companies		2,943	3,378	27,764
	Gain on contribution of securities to employees’ retirement benefit trust		-	11,891	-
	Gain on sales of investment securities		7,663	3,203	72,292
	Gain on sales of investments in affiliated companies		840	-	7,925
	Loss on sales of investments in affiliated companies		(24)	(844)	(226)
	Loss on disposal of property, plant and equipment		(1,147)	-	(10,821)
Other, net			(5,162)	(5,804)	(48,698)
			479	(19,974)	4,519
Income (loss) before income taxes and minority interests			26,451	(2,127)	249,538
Income taxes (Note 7):
	Current		9,267	5,164	87,425
	Deferred		2,206	(4,193)	20,811
			11,473	970	108,236
Minority interests in earnings (losses) of consolidated subsidiaries			684	(426)	6,453
Net income (loss) (Note 16)			¥14,293	¥(2,670)	$134,840
The accompanying notes are an integral part of these statements.